Japan’s securities watchdog has asked a Tokyo court to halt specified alleged unregistered investment activities by three firms, including pitches for overseas products that offered a spot Bitcoin (BTC) investment option.
The Securities and Exchange Surveillance Commission (SESC) said it filed the petition Nov. 10, naming 4CAPITAL MANAGEMENT合同会社, 株式会社柴田綜合研究所 and 株式会社安藤綜合研究所, as well as three representatives. The commission said none of the firms is registered to conduct financial instruments business in Japan.
The firms solicited investments in overseas products offered by companies affiliated with ITA Group, the SESC said. One product, Evolution, was presented as letting customers select up to 10 external funds, including an exchange-traded product investing in spot Bitcoin.
The Kanto bureau’s findings, cited in the SESC filing, cover Feb. 5, 2021, through Feb. 4, 2026, and record at least 2,141 cumulative investor person-times and about ¥4.9 billion in contributions. The tally does not establish how many unique investors were involved.
The petition also concerns alleged unregistered mediation of discretionary investment agreements. Separately, the SESC accuses the Shibata and Ando firms and their representatives of arranging private corporate bond placements without registration.
The commission said ITA Group paid compensation to upper-tier distributors, with some passed along to the Shibata and Ando firms. It also said promotions described returns as secured even though investment performance was not guaranteed.
The SESC is asking the court to prohibit and stop the alleged conduct. The commission said its petition does not seek to prohibit refunds to customers. The Tokyo District Court will decide whether to grant the petition; no decision date was given.
